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Select a business idea using 'scientific' method

Armed with a list of business ideas, you are now ready to select a suitable business venture that suits you. Generate some business ideas here if you have not done so.

Take 15 minutes and use this specially designed spreadsheet to determine which business idea best suits your needs.

Consider these carefully as well when picking the best business idea:


Personal Considerations
Consider your personal skills and interests, and commitments.

Your Skills
It is always easier to capitalize on your existing skills when you start a business. Take a look at your list. Which of the business idea do you have the most skills in? You could have acquired those skills at home, in school when you were active in a co-curricular activity or at work.

If you do not have the relevant skills, put effort in picking those skills. There are many convenient e-learning programs available. You can also enroll in a local university or polytechnic to acquire those skills.

Seeking temporary employment in a business of your choice to learn the skills and knowledge is another excellent way to gain that knowledge.

Your Interests
Ask yourself, "Will I like the ‘work’?" If your answer is less than a resounding “Yes!”, go to the next business idea.

For each of your business idea, identify what daily work activities will be like. Ask people, post your questions online in the social networking sites. You may also want to find a part-time job in a small company of the same nature.

Go into your business with eyes wide open.

Your Commitments
What kind of commitment does the business idea require? Retail businesses, for example requires long hours.

Do you have the support of family and friends to help your business grow? Do you have a reliable group of people who can work with you?

If you do not have strong support for a business that requires strong commitment from many parties, choose something less demanding.

Business Considerations
Before deciding which business idea to go with, consider if there is a market for your product or service, and the capital requirement.

Is there a market for your product or service?
Simple demand and supply theory. If there is no significant demand for your product or service, then you are clearly wasting your time and money.

Ask yourself these questions:

    Who will buy my product or service?
    Why will they buy from me rather than my competitor?
    What is the market size?
    What is the supply for similar product or service? Is there an over-supply?
    Is this industry growing?

Capital Requirement
Be realistic and find out how much capital you can raise. Your sources of funds at this point should include yourself, friends and family.

Make a list of your assets and determine if you have enough to start. If not, are there other sources like government aid or grants?

Search them out.



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